In a recent “Couples & Money” survey by TD Ameritrade, a surprisingly high number of participants said that a partner’s financial setbacks would not be a deal breaker for future wedding plans.
The survey respondents were asked whether issues such as low credit score, unemployment, bankruptcy and high credit card and student loan debt would impact plans to tie the knot.
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Researchers found that bankruptcy was the biggest reason why participants would alter marital plans … but not by much: Only 32% of respondents said they would call off the wedding due to bankruptcy, another 27% said they would just postpone the day of the ceremony and 41% of people thought bankruptcy was a non-issue.
These statistics also come as a surprise given the fact that the majority of couples surveyed are now paying for their weddings on their own, without parents throwing cash their way. The study found that 60% of couples with plans to marry say that wedding expenses will come out of their own accounts.
So what does this mean for our financial future? It’s more important than ever to have open communication with your partner about money and finances before taking that next step in your relationship. Letting your spouse, or future spouse, know you’re in debt can help you formulate a repayment plan together. (Find out how to do that here.)
And if you’re worried that your partner might be suffering from any of the financial hardships mentioned above, we identified the biggest financial red flags in any relationship and what you can do to fix them.